Downtown Toronto Condo Prices Continue to Inch Upwards

Condominium prices in increased in downtown Toronto on a year over year basis in March 2014, and this is especially true for high end executive and premium residences. These increases follow a few years of stagnant growth in the face of government initiated policy to slow and / or stop the Toronto condo market from overheating in the past few years previous to 2012, when the condo market was firing on all cylinders. 

The price per square foot of Toronto condos also has been rising at about an average of 1-2% year over year. And while that type of price appreciation may not be much in comparison to the price rises seen in the single family detached home market in the Toronto core, it is still better than the predicted crash which had been predicted for the city.

In downtown Toronto pricing for condo units has been averaging $400 to $500 dollars which is a relative bargain compared to prices in other global cities such as Seattle, Los Angeles and San Francisco where pricing for downtown condos is now averaging over $800 dollars per square foot, and condo product is in tight supply.  In fact both Los Angeles and San Francisco have seen such tight supply in their condo markets that they are both now constructing towers that are over 1000 feet, towers that would be taller than anything under construction or currently built in Toronto. These massive developments are testament to the room which Toronto still has to climb upwards in terms of pricing and inventory.